Australia shares set to recover; NZ inches up

July 3 (Reuters) – Australian shares were poised for a
higher open on Monday as stronger commodity prices looked to
charge up resources stocks.
Oil rose for a seventh straight session on Friday on a
declining U.S. rig count and stronger demand data from China,
while iron ore prices headed for their biggest gain for the
month of June since 2009.
Coking coal prices extended gains on Friday, after soaring
nearly 8 percent the previous day.
The local share price index futures rose 0.4
percent, a 51.5-point discount to the underlying S&P/ASX 200
index close. The benchmark ended 1.7 percent lower on
Traders in Australia would also be gearing up for their
central bank’s policy meeting on Tuesday, where the bank is seen
to stand pat on its cash rate, according to a Reuters poll of
New Zealand’s benchmark S&P/NZX 50 index inched up
0.1 percent or 8.88 points to 7620.32 in early trade.

(Reporting by Anusha Ravindranath in Bengaluru; Editing by
Sandra Maler)